Thursday, October 2, 2008

Problem, What Problem?The FDIC has asked for "temporary unlimited borrowing authority" thru the end of 2009. This will encourage people to leave their money in the banks, rather than someplace safe.

Silenced Majority: More than 200 economists, concerned about the bailout's long-term effects, have urged Congress to seek guidance outside the Administration. If they'd had a better track record, maybe some members would have listened.

Wish I'd Said That: "the bailout has absolutely no factual basis or justification... is a total rip-off that will benefit the common and preferred shareholders and unsecured creditors of the banks... socialism for the the well-connected rich... a scandal... a scam..." Nouriel Roubini.

Smoke and Mirrors The SEC has reinterpreted accounting standards to enable financial institutions to record losses as profits. We're all friends here, right?

Self-Help : The top banks and corporations pay out billions and billions in dividends every year. If $1 of capital can back $10 in lending, why do they need our $750 billion? Aren't these the same geniuses that were borrowing money to pay dividends?

Car Lots: Nearly 20% of US car dealers are expected to go bankrupt by early 2009. Weak sales, due to about one out of three potential buyers being turned down for financing, is an understatement. There'll be some real bargains next spring, for those who have whatever will be passing for money.

Happy Birthday: On October 1st the Pentagon's new baby, Africa Command ("Afrika Korps" had already been taken.), became fully operational. Or as fully operational as an Africa Command can be, stuck in Stuttgart.

The "No Problem" Problem: British studies have shown that wind turbines flailing away do not have a significant effect on the bird population in their neighborhood. This is bound to be flawed research in that it runs counter to the desires of conservation groups.

Doubting Thomas Mike: The $700 billion is a continuation of the looting of the country. Worthless paper will be exchanged for US Treasury Notes which will be used to drive up the price of stocks and the gains converted into hard assets and Swiss accounts as they flee the country. It is the last chance for this crew to line their pockets at taxpayer expense. Or so Mike Whitney says.

Passers By: Australia is going to take 70 million pictures every day of all cars (and their drivers) passing a vast network of survellience cameras. The information will be recorded and stored for later use... like our emails and phone conversations.

The 'smoke and mirrors' reminds me of an old lawyer joke. Lawyer applies for an accountants job, the manager calls all the applicants into a room for a final problem. All the applicants work the problem and turn in the answer. The lawyer waits, closes the door to the room and asks the mgr, 'what do you want the answer to be?', and gets the job.

Our Motto

Keep fightin' for freedom and justice, beloveds, but don't you forget to have fun doin' it. Lord, let your laughter ring forth. Be outrageous, ridicule the fraidy-cats, rejoice in all the oddities that freedom can produce. And when you get through kickin' ass and celebratin' the sheer joy of a good fight, be sure to tell those who come after how much fun it was.